Newsfrom Japan
Economy
Apr 27, 2024 12:37 (JST)
New York, April 26 (Jiji Press)–The dollar rose above 158 yen for the first time in about 34 years in New York trading Friday after the Bank of Japan held interest rates steady.
The dollar stood at 158.32-42 at 5 pm, up 2.73 yen from the same time on Thursday.
The selling of the yen against the dollar accelerated after the BOJ kept its monetary policy unchanged at a two-day policy meeting that ended Friday.
At a press conference following the meeting, BOJ Governor Kazuo Ueda said that the yen’s current weakness is not significantly affecting Japan’s underlying inflation. This remark fueled speculation that the Japanese central bank will delay an interest rate hike.
Meanwhile, the US personal consumption expenditures price index for March, released on the day, showed persistent inflation in the United States, diminishing hopes for an interest rate cut by the Federal Reserve.
[Copyright The Jiji Press, Ltd.]
Jiji Press
